NYDFS—First Enforcement Action under Cybersecurity Regulation

By , and on July 29, 2020

On July 21, 2020, the New York Department of Financial Services (NYDFS) announced that it had filed its first enforcement action under 23 NYCRR 500 (the “Cybersecurity Regulation”) against a large title insurance provider. Covered entities should closely monitor this enforcement action.

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Laura E. JehlLaura E. Jehl
Laura Jehl serves as global head of the Firm’s Privacy and Cybersecurity Practice. Focusing on the intersection of data, law and emerging technologies, Laura advises clients on a broad range of privacy and cybersecurity issues. She has extensive experience identifying and mitigating privacy and data protection issues arising out of the collection, use and storage of data as well as the design of new business models, products and technologies. Click here to learn more about Laura Jehl's practice.

Mike ByrneMike Byrne
H. Michael (Mike) Byrne has extensive experience in complex insurance transactions, regulation and InsurTech matters. He advises US and international insurers and reinsurers, investors, producers and technology companies on a broad range of matters, including obtaining regulatory approvals for M&A, change of control and affiliate transactions; forming, licensing and structuring business operations; drafting and negotiating agreements; M&A involving producers and service providers; and developing and obtaining approvals for unique products. He delivers practical and business-focused counsel on novel issues. Read Mike Byrne's full bio.

Sandra GhobraielSandra Ghobraiel
Sandra Ghobraiel advises US and international insurers, insurance producers, and other insurance intermediaries on a wide range of regulatory, transactional and general corporate matters. Her experience includes forming, licensing and structuring of business operations as well as drafting non-disclosure agreements, producer agreements and other related agreements. Sandra assists clients with filings associated with mergers, acquisitions and changes in corporate structure. She serves as an insurance regulatory counsel in potential acquisitions, and has experience in the acquisition of an InsurTech MGA. Read Sandra Ghobraiel's full bio.